It was a very warm day in August 1944. Our family, my Dad, Mom, Sister and Mary were on our way back to Scott Field, an Army Air Corps Base, east of Bellville, Illinois. We had been in Indianapolis on leave for ten days, and were driving back to base in our 1941 Chrysler four-door. My sister, along with Mary, and I were straddling a rubber tire between the front and back seats of the car. It held a position of honor because a tire, of any kind, was precious beyond words during the war years.

Because of the length of the trip and the heat of the day, it was determined we would stop in Terre Haute, Indiana, for a bite of lunch and a brief rest break. A small restaurant was selected in the center of town, and the family with my Dad in his Major Uniform and the rest of us in tow, entered the restaurant and found a table for lunch. The waitress approached us and stated quietly, but very firmly, that Mary, could not be served in the restaurant. She would have to leave.

Without a word, Mary eased out of her chair and started toward the door. I followed quickly behind her out the door. The waitress looked toward my mother, and said, “The little boy didn’t have to leave!” My mother answered, “Yes, he did. You hurt his best friend!” Mom brought sandwiches to the two us in the car before we drove out of Terre Haute.

Mary Sanford was my sister’s and my best friend and shield growing up. I was just a little over five years old when Mary joined our family. She meant a lot to my sister and to me. Mary was a story-teller; a trusted buddy; a confidant; a playmate and was different than the two of us..Mary was African-American. We didn’t understand what that “difference” meant. To us, Mary was a part of our family – as much as we all were. We understood she was with us to take care of us, and to help my Mom with chores, but Mary held a position of pride and no prejudice in the family. She was as much a part of our life and living with us as was anyone else in the family. As far as I was concerned, she had equal status with everyone. I could take anyone being upset with me in the family, but Mary. If Mary wasn’t happy with what I was doing, it hurt me deeply. I think I expected my Mom and Dad to get upset with me, but not Mary. However, my Mom and Dad made sure that my sister and I knew that Mary was to be respected, just as if they were giving the orders.

Mary was in early twenties when she arrived at Homecroft, our home prior to World War II, just south of Indianapolis. She had been married twice prior to joining our family, and had been sold by her father into marriage with her first husband while just a girl in her early teens. Mary told me once that she didn’t know how to cook for her first husband, and as a little girl, she thought mud pies were to be served and eaten. Both of her husbands had been killed in accidents prior to her coming to Indiana. She was working as a servant for another family in Indianapolis when we learned of her wanting to find a different position. I personally felt that it was destiny that Mary found us, and that she was to become a part of our family.

Mary was responsible for my upbringing as was anyone in the family. I looked to her for guidance and consulting. She taught me the basics of cooking; how to wash dishes and clothes properly; how to play kindly with neighborhood kids and to respect all races and religions. She would not tolerate any cussing, or swearing of any kind. So, we just didn’t do it! We knew, however, that Mary was a woman of “color” and consequently, would be treated differently outside of our home. We still went everywhere with her. We went to the base movie theatre with Mary, but couldn’t sit with her because she was segregated from us. We traveled downtown with her on the streetcar, but couldn’t sit with her at a lunch counter. We took her hand when crossing street corners, much to the dismay of on- lookers, but we didn’t care.

I learned many lessons from Mary. The most important, I would say, was tolerance. She showed me the fortitude to withstand the pressure of those around me who were void of decent understanding and caring. Consequently, I grew up with no racial prejudice, and still refrain from having any to this day.

As we grew older and left home, we always knew that Mary was still a major part of our home life. She was there for our Mom and Dad, even though, they were now growing much older – the needs still existed. My sister and I were always happy to see that Mary was still a very active part of our family life even though it wasn’t the same as when we were growing up. Mary stayed with the family for over fifty years, and grew old right along with my folks.

Mary’s health gave way in later years, and she went to a rest home in Kentucky. When she passed away in her late seventies, my sister and I drove to Kentucky for the funeral. Mary had always paid her own insurance program out of her weekly pay. Her sister used the funds for other expenses. So, the funeral had not been paid for. As we were leaving after the funeral, the director, asked my sister and me, “Who will pay for the expenses?” My sister stated immediately, “My mother will!” There was no doubt in her answer to the question. Mary was still a part of our family, and always will be.

This article was written by Norm Wilkens

Norm Wilkens is a nationally recognized speaker and writer, Norman Wilkens has traveled to forty-seven of the fifty states speaking on topics of marketing, advertising and public relations. His most noteworthy subjects include: Healthcare Marketing; Multi-generational travel and Baby Boomers - their contribution to society and economics. He is presently serving as Midwestern Contributor to California’s AAA WESTWAYS Magazine.

Among Wilkens’ current activities are the Butler University Alumni Board of Directors; Butler’s Central Indiana Alumni Chapter Board; Chairman of the Board of Visitors for the new Communication College of Butler; Board of Directors of Ruth Lilly Educational Foundation; Salvation Army of Indiana Advisory Board and as an Elder at Second Presbyterian Church of Indiana.

I look back with fondness on the years we spent visiting my mother-and father-in law in my wife’s family home. My father-in-law was the city attorney and his wife was the editor for the local newspaper. The Christmas after Jan and I were engaged, I received a Webster’s Dictionary with a handwritten note that said, “I read a letter you sent to my daughter. I hope this dictionary can help”.I used that dictionary many times during my undergraduate studies and even into graduate school. A few years later we were concerned when Jan’s mom began to miss editing mistakes at the newspaper. Shortly after she was diagnosed with Alzheimer’s. During the next seven years, we helped oversee her care and she was able to spend her last days in their home with her husband of fifty years by her side. After her passing, Jan’s dad came to live near us and our five children in Fishers, Indiana.

The one huge problem we were left with was what we were going to do with their home filled with 50 years of treasured belongings.

This task was daunting, and more so because we lived in another state. After successfully navigating the difficult and emotional journey of downsizing their home, my wife and I asked each other if there were any resources to help people through this experience. Seeing an important, unfilled need in society, we founded Life Transitions, originally Senior Life Transitions, in 2009.In the last 10 years we have helped over 5,000 families with their downsizing and transitions needs. We would like to share with you a few tips that we have learned along the way. Hopefully they will help you in your own journey.

It is never too early to start the downsizing process.

For many of us, the idea of downsizing causes anxiety and feelings of being overwhelmed.Simply put, sorting through possessions collected over a lifetime makes us face our own mortality. Peter Walsh, host of TLC’s Clean Sweep says, “It is so emotionally charged because this is not about the stuff, it is about dealing with fundamental issues of families and growth, and loss and love.” I remember one 95-year-old client who needed to move to an assisted living community. I could hear crying before we even entered her home.She looked at me with tears in her eyes and said, “This was not the plan.I was supposed to go through that door in a casket.”

Downsizing can be an opportunity to redefine your life.

It can help you create a “best of the best” lifestyle.I have witnessed hundreds of people at the front end of their downsizing process who were overwhelmed, stuck or resistant to the idea, but in the end said, I wish I would have started this earlier. I feel so much more free.One of our clients said to us, “I have been saving all my best stuff for special events.I’m now going to use my best for everyday”.Her downsizing has created a new liberty to use the best of her best.

Set reasonable goals for sorting.

Whether you have two weeks, two months or two years to downsize, set clear and reasonable goals. When sorting, ask these questions: Do I love it? Do I need it? Will I use it? If you don’t “say” yes to one of these, the items go.Start with the room you use the least and are not as emotionally attached to.

For example; a pantry, a closet, a guest room. This will strengthen you to tackle the area you’re more attached to. Mark Brunetz, one expert on living clutter free says, “The more you do, it and the easier it gets.It’s like a muscle that’s been dormant. Use it and it gets stronger.”As you work your way through one area, you will see progress and gain the confidence to go onto the next. Be patient with yourself. You can absolutely do this.

Purge early and often!

Tao Te Ching chapter 63 says, “Confront the difficult while it is still easy, accomplish the great task by a series of small acts.”Trash costs a lot of money to get rid of in bulk – so start taking a few things out to the corner each week. Watch for your community’s HAZMAT days – these are important for getting rid of chemicals, paints, etc.Goodwill, Salvation Army, Habitat for Humanity, and Big Brothers and Big Sisters will sometimes come to your house to pick up items you want to donate.

The more you give away the less there is to sort & downsize.Jan and I recently spoke at the Home Economics Guild recently and one of the ladies told us about her “Blue Light Special” give away.This creative home economist would use holiday gatherings at her home as opportunities to bring out all the things she wanted to downsize. She would place it in one room and invite family and friends to take freely. Giving things away to family and friends can be an enjoyable experience.

Challenging categories. Some items that are tough to let go.

Jan’s parent were avid readers, belonged to book clubs and had lot collected many books.Books can feel like family. One place to donate books is your local library, used book store or charity. Last month we took hundreds of books to be sold at Half Price Book Store.All the books earned a little over $200, the exception was one Bible that sold for $1000.Many of us have too many clothes.Remember the rule; Need, wear, love. Do you love how it looks? Do you wear it? Most people wear only 20 % of the clothing they own.Most times when downsizing to a smaller home, closet space is at a premium. Measure your new closet space. Measure what you have in your current home.

Regarding family photos, Peter Walsh says “photos have a particular power and importance that make it feel like sacrilege if you throw them away.” This was one of the most emotionally difficult parts of downsizing Jan’s family home. Choose the best one or two and have the rest to be digitized for easy storage and easy access. This new technological age, all important documents can be scanned and stored.

Start a conversation with your family.

Have your kids tell you what they want. Most people believe that their children and grandchildren will want their prized possessions, but that is often not the case. Author Marni Jameson says, “Keep what you love and what nurtures you.Hold dear your memories along with a few treasures from those who loved you and whom you loved.Leave a few treasures for those you love to remember you by…hold on to a heartful—not a houseful—of memories.”You don’t have to do this alone.

Our company, Life Transitions specializes in helping people of all ages downsize, often when they are moving from one home to another. If you find yourself with such a need, please feel free to give us a call. ​​

The internet is a fantastic tool for seniors, as it provides the opportunity to stay in touch with family and old friends, as well as take advantage of the trove of information online. Though the web has plenty to enjoy, it can also be an unsafe place for unsuspecting individuals. Hackers and cybercriminals use email, fraudulent websites, and viruses to steal personal and financial information, as well as outright steal money.When retirees are the victim of an internet scam, they lose between $600 to $1100 on average. So, how can you surf the web without getting a fast one pulled on you? Here are some common ways to spot internet scams.

Someone You Don’t Know Is Contacting You

While the internet is often used to interact with new people, criminals use this cloak of anonymity as a way in with new marks. Often times it begins with an email or Facebook message from someone claiming to know you or have your best interests at heart. It may start innocently enough, but unless you’re sure of the identity of the person on the other end, it’s probably best to ignore them. Even if they have a Facebook profile, it’s possible that this was created as a ruse; experts estimate that there are nearly a billion fake Facebook profiles floating around.

The Offer Seems Too Good to Be True

Everyone dreams of the chance to get rich quick, and scammers take hearty advantage of this. If you’re receiving offers that promise financial reward – especially for things you haven’t signed up for – you can almost always bet that this is a scam. A common version of this scam is the “advanced transfer scam” in which someone claims they can deposit huge amounts of money into an account after you pay a transfer fee. They may claim you’re the beneficiary of a will, solicit for donations, set up fake websites, or explain that they have money tied up in foreign banks. Regardless, if it seems too good to be true, it probably is.

You’re Being Asked for Personal Information

A common fraud tactic is known as “phishing.” Scammers will contact individuals posing as a trusted source, such as a bank or email service, and ask for personal info. They may ask you to reset your password or provide financial information. However, it is highly unlikely that your bank will ever ask for you to send this kind of sensitive data via email, as this can be very insecure. If you’re being asked for a password or personal information, contact the company they claim to be and check with them directly. More often than not, they’ll be able to confirm they did not send this message and that it can be ignored.

Staying safe on the internet is an important issue for seniors, as is protecting valuable retirement savings. By keeping common themes of internet scams in the front of your mind – whether it’s an offer too good to be true, a person you don’t know contacting you online, or someone asking for personal information—you can safely use the internet and all the benefits that come with it.

As the Founder, President, and CEO of Life Settlement Advisors, Leo has spent more than 18 years working in the life settlement and viatical settlement industry. Leo’s career began as an investment advisor, operating his own independent firm for seven years. Through his work as an investment advisor, and as the President of Life Settlement Advisors, Leo has gained a broad knowledge of investments, life insurance, and the analysis and pricing of life insurance policies.

Most of us work all of our lives trying to accumulate a nest egg to take care of our families and ourselves during our “Golden Years.”It’s a tough job!We encounter lots of distractions along the way:money we need to by our first homes, start businesses, put braces on our kids’ teeth, pay for college tuition – the list is endless and, for the most part, necessary.

Most Americans take pride in creating a prosperous lifestyle for our families.We chase the American Dream attempting to create a more prosperous lifestyle for our children than we had when we were growing up.Then, we retire.

Retirement should be a time to settle back and enjoy a new stage of life, but for many of us, leaving the daily grind of work will be one of the most difficult transitions we will ever make.Not going to work every day can be frightening, but realizing that you are going to live the rest of your life off your savings and Social Security can be even more intimidating!This period can be the most challenging and difficult of all.

But it doesn’t have to be.

Here’s a way for you to reduce or eliminate any fear of about your financial future and develop your own lifetime income plan! Fear of your financial future rests in your not knowing the answers to several important questions.

We ask ourselves, for example:

“Where will the additional money come from over and above my Social Security benefit when I retire?”

"Will that income last for the rest of my life?”

"How can I be sure?”

"How do I avoid making a mistake when planning for my retirement income?”\

These and several others are typical and valid questions most of us ask ourselves as we begin to think about our retirement years.You are not alone!

Prior to retirement, we earned money – we were in the “accumulation phase” of life.We worked, earned an income, and tried to keep as much of it as possible after paying our expenses.At some point, we began to think about how we could keep more of that earned income – the “preservation phase” of life.And finally, when we do retire, we have reached the “distribution phase” – that period of life when we must live on the money we have “accumulated” and “preserved.”

Our retirement income, therefore, becomes more important than ever!We are no longer “accumulating” new money.Instead, at retirement, we become recipients of income.We become beneficiaries of retirement income.One of our income streams is Social Security.But from where does the rest of our income appear?It will come, of course, from our nest egg – the money we have preserved during our working years.

Today, retirement is quite different than it was for previous generations, and it will continue to change and become more difficult for future generations.Why?First of all, people are living much longer, so their money must last longer.They need a guarantee to keep them in the lifestyle to which they have become accustomed.Plus, we have to factor in inflation.

Inflation at 4% (the past 20-year average is 3.6%) can have a devastating effect on our spending dollars.It’s also important to understand that the health care inflation rate is more than double!These three factors alone require far more individual planning for retirement than just one generation ago.None of us can afford to make mistakes at retirement.It’s different than making a mistake at age 26, 36, 46, or even 56.At those ages, most of us can still recover – we can accumulate additional money.But, recovering from a financial miscue at age 66 or older is far more difficult today.

Today’s pre- and present retirees need to have a plan and not just a product.Retirees need solutions and assurances.They need the services of a trusted advisor who can provide those guarantees.Yes, you read that correctly – guarantees – regarding your retirement income!Every person – including me – at or nearing retirement should participate in a complete review with a trusted advisor – a Safe Money Places™ advisor.

Each of us needs to determine a retirement income amount that we believe will be necessary to live in the style to which we’ve become accustomed.In the process of doing this planning with a trusted advisor, we need to be sure to adjust for rates of inflation and the potential increase in our life expectancy.Then, we should implement this new plan and monitor its progress over the years – stay on top of the changes in the financial world and our own lives and the years roll by.All of this activity requires a dialogue – a conversation – with a financial professional.

Each Safe Money Places™ advisor is dedicated to helping each client (that’s YOU!) determine the best places to put your money so that it is safe and so that you can take advantage of all of the legal tax advantages that could save you thousands of dollars in your retirement income. Safe Money Places™ advisors constantly study, participate in training (continuing education), and stay on top of the latest products from all of the companies out there.Accordingly, they can customize your retirement plan that will guarantee you an income for life!​Call, toll-free: 877-844-0900 today, to locate a Safe Money Places™ advisor in your area.There’s no cost or obligation whatsoever, and you’ll sleep better every night knowing you’ve got your own professional advisor on your side!

This article was written by Raymond J. Ohlson CLU, CRC, CEO & President of The Ohlson Group, Inc. and SMP International, LLC ​ Mr. Ohlson entered the insurance business while completing his Bachelor of Science Degree at Ball State University. He quickly qualified for the Million Dollar Round Table (MDRT) of which he is a Life Member. He also received his Chartered Life Underwriter (CLU) designation from the American College in Bryn Mawr, Pennsylvania.​Mr. Ohlson, a former life insurance company president, currently sits on college and hospital boards and is a published author.

Maintaining good records is important to help meet your tax and legal obligations. The right record-keeping system not only helps satisfy these obligations, but it may save you money and time. Here’s what to consider for your record-keeping system.

What Records Do You Need to Keep?

​The first step is identifying the records you need to maintain. The obvious examples include leases, contracts, payroll and personnel records and a range of accounting and finance information, such as invoices, receipts, checks, payables and inventory. Please consult a professional with tax expertise regarding your individual situation.¹

How Do You Want to Keep Them?

Record maintenance can take three basic forms:

Paper-based: It’s old school, but maintaining records in file folders stored in a metal cabinet may be sufficient, though at the risk of files being damaged or destroyed with no backup.

Computer-based: Maintaining records on computers save space and make records management easier. Consider backing up files and keeping them off-site.

Cloud computing: Records are stored and managed on the internet, offering possible savings on software, reducing the risk of lost data and providing access from any location.

What Software Should You Use?

The right software can make life more productive; the wrong software may cost you time and money.

When shopping for software, consider:

The size of your organization. Do you want an easy-to-use package, or are you able to hire a dedicated employee to take advantage of a more sophisticated alternative?

What sort of training and support is provided? Without the right measure of either, your software may not be the productivity tool you envisioned.

Is specialized software available? The needs of different professions can vary greatly. Specialized software may have capabilities not available with more generic software.

What are its mobile capabilities? If you operate your business from the road, you may want your software to have robust mobile features.

Disclaimers:

​The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties.

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2019

This article was written by TMA Small Business Accounting

​The TMA Small Business Accounting, P.C. staff have been delivering professional services to small businesses in Central Indiana for over 20 years. Having worked with hundreds of small business clients, we have significant expertise with a wide variety of service businesses in Indiana. We have especially strong experience and expertise in working with businesses in the healthcare (medical, dental, etc.) and foodservice (restaurants, caterers, etc.) industries.Contact Info: (317) 571-8080tmasmallbusinessaccounting.com

Liquidity means the ability to turn an asset into cash. Having liquidity gives you the feeling of control, but liquidity provides both real control and the illusion of control. The financial reason for wanting liquidity from what are intended to be dollars left untouched until some future date, is the ability to cope with or avoid potential risk. If you have an unexpected financial emergency, being able to sell or transform an asset quickly to get dollars in your hands is real control. This is generally what is thought of when one thinks about their asset being liquid, but liquidity isn’t that simple.

Does liquidity also mean getting the money without a cost? If so, then certificates of deposit within their penalty period could be viewed as illiquid. Indeed, even money market accounts could be viewed as illiquid since federal law limits free withdrawals to not more than six per month. Typically there is a commission or fee if you sell a stock or bond – does this mean stocks and bonds are illiquid?

What is the time limit on liquidity? We use words like immediate or instant liquidity, but unlåess the money is in our mattress or wall safe we can’t get it this very second. You typically can’t get the money for two days or more when you sell securities; is this liquid? A check is called a demand deposit, but the bank can stop access to those funds for a week by saying they have concerns over “doubtful collectibility”. And if a week delay is viewed as liquid, why wouldn’t the two to four weeks it usually takes to get the check from cashing in an annuity also be liquid?

And then there is the illusion of liquidity. Typically a bank will let you cash in that CD or make that seventh withdrawal from the money market account this month, but they don’t have to. A bond sale settles in two days, unless you were trying to sell many of the mortgage-backed bonds in 2008 for which there were no buyers. And, an extreme case, there was zero investment liquidity in the days following 9 -11. Although that was extreme, governmental authorities in some countries believe that some exchange traded funds (ETFs) could become illiquid during a market panic. The financial markets, banks, and even governments all operate on the illusion of liquidity believing there will always be buyers, enough people paying their debts and a government that will be able to ultimately bailout any crisis, but this is only true if people still believe the illusion.

The illusion of control imagines that you will exercise that liquidity well. In the stock market the mirage is that the investor will sell out of the market just as it begins its fall – or will use the liquidity to keep moving from liquid choice to liquid choice to maximize returns. The reality is that doesn’t happen. Indeed, as Investment Company Institute data shows time after time, the liquidity is used to sell at the bottom of markets and often to leap out of rising markets.

The concept of liquidity is not as clear cut as it first appears. If liquidity is defined as not having a cost then many annuities would be excluded, but so would any ETF, stock or bond where a commission or transaction fee is involved in the sale. If liquidity is defined as having instant access to the funds then every investment is ruled out as well as many bank products. What this all means is you need to ask yourself how you define liquidity and what it means to you.

This article was written by Dr. Jack Marrion.

Dr. Marrion’s research on senior decision making and the financial world have been featured in hundreds of publications including: Business Week, Kiplinger, Smart Money, and The Wall Street Journal. He is the author of six books and a frequent media guest.

Let me state at the outset of this article, that “downsizing” is not for the faint of heart. After a little over eight decades of living; more than twenty-eight years of marriage; almost too many moves to remember and dozens of disarrayed storage closets, it is not only difficult to comprehend, it is just about impossible to fathom.

I suppose it happens to the best of us at least once in our lives. We go along throughout our twenties and thirties accumulating boxes of memorabilia - momentous piles of significant keepsakes that we just can’t part with. Our forties and fifties don’t improve the storage picture, we just add to the junk pile hidden in secret places we alone are allowed to enter because no one else would dare to disturb our cache of treasures. The sixties and seventies should prove the worth of our valuables, but often there is only a little more dust on the faded folders and forgotten reasons why they were saved in the first place.

What type of memorabilia have I saved over the years? Taking stock of the many treasures accumulated, I found materials covering years of ads and commercials for varied clients. There were archives honoring political campaigns for candidates of local, state and national level. There was a wealth of pictures from grade school, high school and college days along with grades that weren’t always so glorious. I found speeches covering every topic from welcoming new students to honoring recent graduates. Family and friends were captured in slides, photos and movies that would take hours to sort through. The phrase “pack rat” began to take on a new meaning where I was concerned and I knew something had to be done, or many of the items saved would disappear in a wisp of dust and mildew.

Downsizing opens the doors to a lot of questions. Once the decision had been made that it was time for us to downsize, we had details to work out. Where were we moving? How much room would we have? This was a major concern of mine considering the amount of stuff I have stored away. I have a store house of a lifetime of memories – most documented in one way or another. Personally, what was I going to do with a lifetime of accumulation of stagnant junk – most of which, as mentioned, had been unopened for a long time?

This all has a happy ending. We made a successful move to a lovely home in East Texas near children, grandchildren and great grandchildren, all of whom have gone out of their way to assure our continuing comfort. And, yes, I shipped the boxes of my unopened accumulation!

I am passing along the inherent wisdom of this article so that those of you who may be thinking this “will never happen to me”, can start making adjustments now – before it’s too late. I am still trying to unpack and sort through the boxes that I just couldn’t live without, but hardly ever opened. The lesson learned is very simple. Don’t wait till until the moving van is at your front door and the movers are asking what you want to take with you. Start “downsizing” your significant piles of precious artifacts asap! Suggest you start today! If you don’t, your kids, family members or friends, will end up doing it for you. They won’t understand why you kept all that stuff anyway!

This article was written by Norm Wilkens

Norm Wilkens is a nationally recognized speaker and writer, Norman Wilkens has traveled to forty-seven of the fifty states speaking on topics of marketing, advertising and public relations. His most noteworthy subjects include: Healthcare Marketing; Multi-generational travel and Baby Boomers - their contribution to society and economics. He is presently serving as Midwestern Contributor to California’s AAA WESTWAYS Magazine.

Among Wilkens’ current activities are the Butler University Alumni Board of Directors; Butler’s Central Indiana Alumni Chapter Board; Chairman of the Board of Visitors for the new Communication College of Butler; Board of Directors of Ruth Lilly Educational Foundation; Salvation Army of Indiana Advisory Board and as an Elder at Second Presbyterian Church of Indiana.

Studies have found that we tend to get more risk averse about financial matters as we get older, especially after we hit age 50. However, aging, in and of itself, accounts for 60% of the increased dislike of risk. The balance is due to life events.

We all don’t look at financial risk the same way. Not surprisingly, the rich are more tolerant of risk than the poor, as are those with college degrees, and some people simply enjoy the rush of taking a risk. Even so the studies show what- ever group you fall into, you are more likely to become a bit more reticent about exposing yourself to loss as you get older. This was originally thought to be purely a chronological thing, but it turns out life choices and life shocks affect how we perceive risk.

Two sixty-five year olds are seated at a table. They are identical in every way, but one is retired and the other isn’t . The odds are the retired senior will be the more risk averse.

Okay, same senior pair, identical in every way, but one is recovering from a mild heart attack. The one that experienced a health shock will probably be the more risk averse.

Same seniors, but one lost a spouse through death or divorce within the last several years. The senior that experienced the companion change will usually be the more risk averse.

Even though each has the same income net worth and health picture, the change in the household changes their risk tolerance.The study also found that the effect of these life shocks is greater on women than men.

Agents need to go beyond the financial questions to truly understand what is in the best interests of the consumer.Banks, J., E. Bassali & I. Mammi. 2019. Changing Risk Preferences at Older Ages. University of Venice No. 01/WP/2019

About Dr. Jack Marrion

Dr. Marrion’s research on senior decision making and the financial world have been featured in hundreds of publications including: Business Week, Kiplinger, Smart Money, and The Wall Street Journal. He is the author of six books and a frequent media guest.

According to a recent study by the AARP of almost 4,000 people over 45, 13% said they still work some in retirement. And why not? For many seniors, some work in retirement can offer significant benefits, from adding extra spending power in a fixed budget, to giving seniors something new and exciting to do with all their extra time.

Maybe you have friends or family who would benefit from a new source of income, but don’t want anything to do with regular schedules or a boring office. Good news! There’s never been a better time than 2019 to find work in the gig economy.Here are five different jobs you can share with your senior friends and family that require nothing more than a smartphone app and a desire to get to work. With these companies, seniors can take on as little or as much work as they want, so they can enjoy the freedom of retirement while still earning.

UBER AND LYFT: PUTTING YOUR CAR TO WORK

Across the country, Uber and Lyft are changing the way people get from A to B. These ridesharing apps allow anyone with a smartphone to hail a ride from nearby drivers—and those drivers can make some serious income! In fact, studies have shown that seniors are flocking to these rideshare apps in droves to earn some extra money using the vehicles they already own.

To get started, all you need is to download the driver app for your smartphone. You also need a 4-door vehicle, a valid driver’s license, car insurance, and a vehicle registration. Drivers for Uber and Lyft can make an average of $8.55 to $11.77 per hour (as of 2018).[1]

WAG!: TAKING YOUR LOVE FOR DOGS PRO

Do you know a senior who loves animals and staying active? Wag! might be just the app for them. By signing up as a dog walker for Wag!, you can choose to walk local dogs in your neighborhood whenever you’d like—for pay. Wag! also offers dog sitting services for seniors who are happy to share their home with a furry friend for a few hours.

Specifically, Wag! requires their walkers to be physically able to walk for at least 20 minutes at a time. They also have an application process that involves a quiz on dog care and safety, as well as your knowledge of harnesses and collars. In other words, this is a great fit for anybody who loves dogs and has experience with them.

POSTMATES: DELIVERING HOT MEALS

There are many apps available in most cities around the U.S. that allow hungry people to order delivery from virtually any restaurant they can imagine. Postmates is unique in that, unlike many of the other apps, they don’t require their couriers to own a car. When you sign up to deliver for Postmates, you’ll have the opportunity to take as many delivery orders as you’d like, and you’ll be responsible for picking up orders from restaurants and delivering them to homes and offices.

All you need to sign up is a smartphone and a visit to the Postmates website. A bike or car to get around is optional. On average, Postmates couriers can expect to make up to $25 per hour.

HANDY: HOUSEKEEPING AND HANDYWORK

Do you know any seniors who have a knack for cleaning house or keeping everything in working order? Handy offers the chance for anyone with experience in housecleaning or handiwork to put their skills to work at their chosen pace.Unlike some of the other apps on this list, Handy does require contractors to have some professional experience—so this is best for that retired contractor you know, or your client who cleaned on the side a few years back.

For the right person, however, Handy makes it easy to find jobs and get paid. Once you sign up and start working, you bring your own supplies to the job. Then, when a job is completed, Handy takes payment from the customer and deposits it directly into your bank account. Professionals working through Handy can expect to make anywhere from $22 to $45 an hour on their own schedules.

SHIPT AND INSTACART: GROCERY SHOPPING FOR CASH

In a world of smartphones, there’s nothing you can’t have delivered right to your door—and that even includes your groceries! Apps like Shipt and Instacart offer convenience for busy people who need to keep their pantry stocked, and they also offer a flexible way to make extra money.

Seniors who can lift 30 pounds or more, who have a car, and are excited by the prospect of keeping active walking the aisles of their local superstore can register to be a shopper and start earning money right away. Today’s digital shoppers can typically expect to make up to $10 to $20 per hour.

Are your senior clients looking to increase their spending power in retirement? Side jobs aren’t their only resource! Did you know you can sell all or a portion of a life insurance policy, even term insurance? At Life Settlement Advisors, we help trusted advisors just like you to give their senior clients the opportunity to sell unwanted or unneeded life insurance policies for more than the cash surrender value. Learn more about how you can start offering your clients this powerful financial tool, and contact us today to learn how we can help!

CaseStudy: Harold and Dorothy bought life insurance when they were young to protect their children’s futures. Now the kids are grown and have good jobs, their youngest is 49 years old and they no longer needed the coverage. Harold’s financial advisor informed him he could sell his unwanted life insurance policy for an immediate cash payment. Harold and Dorothy sold their life insurance policy and used the proceeds to pay off a few medical bills, take a vacation and supplement their retirement.

About Leo LaGrottellagrotte@lsa-llc.com317-863-5936

As the Founder, President, and CEO of Life Settlement Advisors, Leo has spent more than 18 years working in the life settlement and viatical settlement industry. Leo’s career began as an investment advisor, operating his own independent firm for seven years. Through his work as an investment advisor, and as the President of Life Settlement Advisors, Leo has gained a broad knowledge of investments, life insurance, and the analysis and pricing of life insurance policies.

Yes, I said “KASH” and not cash. Of course we need cash when either in retirement, or planning for retirement. But, today I want to focus on an acronym I learned many years ago, in a management class. The two week course was through Main Event Management. The title of the course was “Model-Netics”. At the time, the thought was that our business, personal, spiritual and family life revolved around 151 models. The course is still around today, and the number of models has increased past the 151 models at that time. But, “KASH” has been a guiding principle for me.

The “K” stands for knowledge. Let’s relate this to retirement planning. Basically, the more knowledge that you have about this topic, the better your attitude (the A in KASH) in dealing with your retirement income goals, challenges, etc. The “S” stands for Skills. The better your planning skills, the better your chances of having a happy retirement. Finally, the “H” stands for habits.

So, in a summary, the better your Knowledge, the better your Attitude, the better your Skills and it all becomes a Habit. So, how can you get more KASH? Let’s look at some opportunities.

If you are nearing retirement, take some time to learn about options and choices. There are many different sites available to you. One, is this website!. Please explore and browse around. You can also go to the social security site. I would also go to your employer and take a look at your 401K plan. And, I suggest meeting with a financial professional. Check our his/her website, look for credentials, etc. Then, arrange an introductory phone call and determine if you want to meet.You do need a plan, and most of us need some help. You should also take a “risk tolerance” test. You can find many of these online. Also, forget what your friends are doing. It is your retirement and not theirs. Also, take a look at the birth date on your drivers license. Do you have enough time to overcome losses? And, be realistic.

Knowledge in everything is key. A good attitude when planning is paramount. You still have time to improve your retirement planning skills. And, you need to make it a habit to give you the best shot at a happy retirement. Finally, there is always a time to start playing it safe. Are you more motivated by the hope for a huge gain, or the fear of a huge loss? That could give you direction. Stay safe my friends.

About the Author: Raymond J. Ohlson CLU, CRC, CEO & President of The Ohlson Group, Inc. and SMP International, LLC ' Mr. Ohlson entered the insurance business while completing his Bachelor of Science Degree at Ball State University. He quickly qualified for the Million Dollar Round Table (MDRT) of which he is a Life Member. He also received his Chartered Life Underwriter (CLU) designation from the American College in Bryn Mawr, Pennsylvania.​Mr. Ohlson, a former life insurance company president, currently sits on college and hospital boards and is a published author.

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Raymond J. Ohlson, CLU, CRC, is the CEO of SMP International LLC which owns safemoneyplaces.com. Mr. Ohlson is a licensed insurance agent in all states with the exception of New York. If you request information, regarding a product or service, you may be contacted by a life insurance agent licensed in your state.